.svg)
Email money transfers allow you to send funds using an email address, often through bank services like Interac or apps like PayPal. Funds are sent to the recipient's bank or digital wallet, with transfers usually immediate for local payments.
What is an Email Money Transfer?
An email money transfer is when someone sends or receives money using their email address. When you send money through a bank transfer, you will often have to give the recipient’s name, address, and bank account details so they can receive the money, but with email, and money transfers all you usually need is the person’s email address.
How Does an Email Money Transfer Work?
The exact way an email money transfer works depends on the provider you send money to. Some providers offer a standard banking service, where your bank account is tied directly to the email address, while others offer a digital wallet linked to your email address and also your bank.
For example, the Interact e-Transfers service in Canada lets you send and receive money via your email address or phone number, and any money transferred is directly deposited into the recipient’s bank account.
Alternatively, with apps like Google Pay and PayPal, money is sent to a digital wallet with those companies, and you can then withdraw money from this wallet into your bank account.
Another method of sending money via email is technically not an ‘email money transfer. With Wise, you can send money using a person’s email address, and the recipient’s email is used to find their Wise account details and notify them of the payment.
How do I send money by email?
To send money via email, with most providers you’ll just need to do the following:
Log in
Start a transfer
Choose your recipient
Add details
Security checks
Add last details
Complete your transfer
Remember the exact steps can differ between providers so be sure to check what you need to do before starting a transfer.
How do I receive money by email?
If you’re receiving money via email, you’ll likely get a notification in your email inbox - but you may also get a text message or in-app notification. Follow the onscreen instructions, and complete any security checks that might be required - and the money should be deposited in your bank account or digital wallet.
How long does it take to send money by email?
The length of time it’ll take for the money transfer to be completed depends on the provider you send money to and the location you’re sending the funds to. However, in many cases, the transfer will be immediate, especially for local money transfers.
How much does it cost to send money by email?
Local money transfers are generally free of charge so long as you have an active bank account and an email address associated with it. However international money transfers are likely to come with fees as well as exchange rate markups, regardless of how you send the money.
Who does email money transfer?
Providers that offer email money transfers include:
Interac e-Transfer
Originators of the email money transfer service, Interac Corp is one of Canada’s most trusted financial service providers, their Interac E-Transfer service is used by millions daily. Interac Corp pioneered the interbank network now used to facilitate the transfer of funds between domestic banks. Almost every Canadian bank and credit union profits from the Interac network, with corporations in North America, APAC, and Europe keen to establish a similar system.
How do I send money with Interac e-Transfer?
To send money by email in Canada using Interac e-Transfer, follow these steps:
Log into your online bank account.
Select your account to send money from.
Choose or add the recipient’s email or phone number.
Enter the amount you want to send.
Choose a security question, unless the recipient is registered with Interac e-Transfer Autodeposit.
PayPal
As one of the best-known online payment services, PayPal grants users the option to send money to anyone with an email address. As with other PayPal transfers, this form of payment usually takes 1 business day to appear in the recipient’s account, but this depends on the bank in question’s clearing process. Learn how to transfer money with PayPal here.
Google Pay
Google Pay introduced Gmail money transfers as a way of giving customers the option to send and receive payments directly to their inboxes. Gmail money transfers are as easy to compose as a normal email message, with the “send money” option displayed along with other attachments.
Individuals must have an active Google Pay account to take use this service.
Wise
This money transfer giant offers a global email money transfer service for those moving funds between Wisecustomers. This service is not a traditional email money transfer. Customers are given the option to use a payee’s email address to initiate payment and the company uses this email information to locate the recipient’s Wise account and notify them of the incoming payment. This service is not available to customers in certain territories, or anyone trying to send USD to a bank account outside of the U.S.
Compare international money transfer rates
Email money transfers are a quick and easy way to send money to others, and while they aren’t generally offered by many banks outside of Canada, it’s still an option with some money transfer providers.
It’s always worth comparing money transfer rates before sending funds, so if you need to make an international money transfer you can be sure you’re getting the best deal possible.
If email money transfers aren’t an option, you’ll still be able to find a quick and affordable way to send money abroad with MoneyTransfers.com. You can compare providers by the overall speed of the transfer, how much the recipient will get, and any fees you need to pay.
Once you’ve chosen the one you want, just click through to the provider to sign up in minutes, and you’ll be ready to start sending money.
